Jul 12, 2018

Axios PM

By Mike Allen
Mike Allen

Situational awareness: The Department of Justice filed notice today that it is appealing the trial decision allowing the merger of AT&T and Time Warner to move forward.

Why it matters: The deal has already closed.

1 big thing: We're all in this (market) together

More Americans are in the markets than at any point since 2007, but it comes with increasing concerns about the end of this golden age.

What's new: "Never has it been so cheap to put money into the market... Financial advice is easier to get... And advances in technology mean investors can keep tabs on their accounts simply by pulling their phones from their pockets," the AP's Stan Choe notes.

Why it matters: "But it’s also important to remember that many investors, for all their confidence, have a long history of selling and buying at inopportune times."

  • "When stocks are soaring, everyone’s happy to pile into the market on the expectation that more gains are to come."
  • "When stocks are falling, meanwhile, antsy investors sell their holdings. That may help avoid losses, but it creates a tough decision: when to get back into the market? Many investors who dumped stocks during the Great Recession missed out on the big gains that followed."

Be smart: Trump spent much of 2017 pointing at rising 401ks and stocks. He's cooled on the topic in 2018 as markets have struggled, but it's more relevant than ever with an increasing percentage of Americans entering the market.

Thought bubble from Axios' Dan Primack: "Americans are more in it together. That's the cool thing about the stock market. If it does well, lots of us do well. If only the rich are invested in markets, it matters for fewer."

Go deeper: Read Choe's full AP story

2. What you missed

The Trump Arms pub, formally named The Jameson, which changed its name for Trump's visit. Photo: Niklas Halle'n/AFP/Getty Images

  1. French President Emmanuel Macron pushed back on President Trump today, saying NATO leaders hadn't promised to raise their 2024 defense spending target to more than 2% of GDP. Read Jonathan Swan's dispatch.
  2. Trump arrived in the U.K. today for the second of three stops on his European tour. Photos.
  3. All eligible migrant children under age 5 who were separated from their families have been reunited, the Trump administration announced today.
  4. FBI agent Peter Strzok said today that he does not recall writing a text that said "No. No he's not. We'll stop it," referring to Trump winning the presidency. Go deeper.
  5. Scientists have detected a high-energy neutrino from outside our galaxy and, for the first-time, pinpointed its source. This advances our understanding of fundamental particles in the universe. Go deeper.
  6. Netflix gets top billing: The streaming service pulled in 112 Emmy nominations, compared to HBO at 108. "Game of Thrones" was the top individual show, with 22 nominations. Nominees by network.
3. 1 fun thing

Build-a-Bear had an idea for a "Pay Your Age" promotion that drew lines so large they had to shut it down:

"Per local authorities, we cannot accept additional Guests at our U.S. Build-A-Bear Workshop locations due to crowds and safety concerns. We have closed lines in our U.S. stores. We understand some of our Guests are disappointed and will reach out directly as soon as possible."
— Build-A-Bear in a press release

Go deeper: NBC News' Scott Budman captured video from San Jose, where he estimated the line at a more than a thousand.

Mike Allen